captain_smollett
Short

XAUUSD. Correction waves in play

FX:XAUUSD   Gold Spot / U.S. Dollar
236 0 10
After all this huge ascending we had, it is clear that Gold             is a Buy: huge sideway channel we had since some weeks ago has been broken upwards and broken well, with a solid confirmation.

Now, before going any further, Gold             has to correct: lot of mid-term buyers may want to take their profits. I´d expect it to correct to a Fibo 50% line as it looks like a solid support but do not discard going back to the flag line (black) and have some sideway trading there...

Notice RSI is heavily overbought on 1H and 4H timeframes, daily and weekly also approaching to overbought zone

Entry point: Monday by market
SL: 1301
TP1: 1284
TP2: 1273
TP3: 1266
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